Northrim BanCorp (NASDAQ:NRIM) Downgraded to Hold at StockNews.com

StockNews.com downgraded shares of Northrim BanCorp (NASDAQ:NRIM) from a buy rating to a hold rating in a report published on Tuesday.

Northrim BanCorp Price Performance

NASDAQ NRIM opened at $53.01 on Tuesday. The company has a 50 day simple moving average of $49.41 and a 200-day simple moving average of $50.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.79. The firm has a market capitalization of $291.56 million, a price-to-earnings ratio of 10.33 and a beta of 0.71. Northrim BanCorp has a 52-week low of $36.91 and a 52-week high of $59.90.

Northrim BanCorp (NASDAQ:NRIM) last issued its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.43. The firm had revenue of $34.29 million for the quarter, compared to analyst estimates of $32.40 million. Northrim BanCorp had a net margin of 17.19% and a return on equity of 12.50%. Equities research analysts predict that Northrim BanCorp will post 5.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Northrim BanCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teton Advisors Inc. acquired a new position in Northrim BanCorp during the fourth quarter valued at approximately $240,000. Russell Investments Group Ltd. grew its holdings in Northrim BanCorp by 17.2% during the fourth quarter. Russell Investments Group Ltd. now owns 38,568 shares of the financial services provider’s stock valued at $2,206,000 after purchasing an additional 5,650 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Northrim BanCorp during the third quarter valued at approximately $822,000. Los Angeles Capital Management LLC grew its holdings in Northrim BanCorp by 34.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 8,300 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 2,140 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new position in Northrim BanCorp during the fourth quarter valued at approximately $247,000. Institutional investors and hedge funds own 65.99% of the company’s stock.

Northrim BanCorp Company Profile

Northrim BanCorp, Inc operates as the bank holding company for Northrim Bank that provides commercial banking products and services to businesses and professional individuals. It operates through two segments, Community Banking and Home Mortgage Lending. The company offers noninterest-bearing checking accounts and interest-bearing time deposits, checking and savings accounts, individual retirement and money market deposit accounts, certificates of deposit, and business sweep accounts.